Prospective Movement of Alternative Finance Products towards Digital Media: Challenges and Opportunities


The different products of financial service industries are primarily based upon the requirements of  society  and  hence  newer  and  newer  products  keeps  on  emerging  in  the  financial  markets.  The products of  the  financial  market  have  two  sources  viz.  Indigenous products and exotic products. Indigenous products  are  largely  outcome of socio cultural and economic conditions prevailing in  the society. Exotic products though originate in  external cultural landscapes but offers a great potential in  local  markets  also.  There can  be  altogether  a  separate class  of  financial  products  that  synthesizes features of these diverse financial products  into one. The realm of these  separate class of  financial  products  are  known  as  instruments of  alternative  finance.  The  products of  alternative  finance  are  distinctive  in  the  sense  that  firstly,  they  are  a  welcome  divergence  from  the  traditional  financial products. Secondly, they are for the financially excluded segment of the society. Thirdly, the products of alternative finance are the instruments of inclusive growth. This paper will endeavour to highlight emerging  paradigm  of  alternative  finance  and  mechanism  of  distribution  of  the  products  among  beneficiaries. This  research will be  based upon secondary data available on the various websites and other pertinent literature.  The data analysis will provide the utility of digital media in the expansion and enhancement  of  geographical  reach  of  various  products  of  alternative  finance.  It  will  further  lead  to  empirical assessment of intrinsic strength of these products.This paper will finally conclude with identification of challenges and strategies to promote the growth of alternative finance products using digital media.

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